Miscellaneous (Micro)

Luck of the Draw (9/7/2005)

Luck may be just as important as fitness in determining who survives the market test.

Keywords: citations, fittest, human capital, luck, piano competition, preferences, survival, talent, taste

The Tyranny of Small Decisions (8/13/1999)

Decisions that are small in size, time perspective, and in relation to their cumulative effect may lead to suboptimal resource allocation.

Keywords: airplane, alternatives, automobiles, cars, commuting, market failure, market imperfection, railroad, size, small decisions, time perspective, tyranny

The Waiting Game (7/27/2000)

Waiting line management employs allocational mechanisms much like those for different economic systems. All these mechanisms seek to combine equity with efficiency in allocating scarce resources.

Keywords: auto title, command economy, invisible hand, line, Memphis, modified command, Northwest, queue, waiting